1. an explosion in the sales of switches for either a particular business or indeed the whole switchconomy

"so how come you only get £10 EMA now? ... ahh yeah, switchboom"

(where one person is talking to another about the amount of household income-related educational maintenance allowance they receive, and the person's father works in the switch business - therefore, an explosion in the switch market, or switchboom, would mean that they would receive more income and therefore less benefit)